Latest by Rachael Healey

Blog

Changes on the horizon - FCA consults on non-workplace pensions

Published on 22 February 2018. By Rachael Healey, Legal Director

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The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

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Publication

Tax avoidance schemes and the duty to warn

Published on 09 January 2018. By Rachael Healey, Legal Director

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In a useful judgment summarising when a duty to warn arises, the Court of Appeal overturned the High Court’s decision and raised doubts over the applicable test when considering whether or not financial advisers have been negligent in advising on the risks associated with investments.

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Blog

Unauthorised introducers, the Pension Ombudsman and SSASs

Published on 04 January 2018. By Rachael Healey, Legal Director

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The Pension Ombudsman has rejected a complaint against a SSAS provider in relation to investments in carbon credit investments made on the instigation of an unauthorised introducer. In contrast to FOS decisions we have seen, the Pension Ombudsman appeared to put the onus and risk on the consumer for engaging with an unauthorised introducer.

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Blog

DB Transfers - now what?

Published on 04 October 2017. By Rachael Healey, Legal Director

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We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

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Blog

No duty of care owed when conducting a redress procedure

Published on 04 August 2017. By Rachael Healey, Legal Director

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The Court of Appeal has found that banks did not owe a duty of care when conducting a past business review (PBR) of previous sales of interest rate hedging products. Although the decision is in the context of the review procedure agreed between the FCA and banks, the decision is likely to apply to all PBRs, except formal 'consumer redress schemes' under s404 FSMA.

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Blog

FCA's review into non-advised retirement product sales

Published on 21 July 2017. By Rachael Healey, Legal Director

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The FCA has published its retirement outcomes review interim report. The report forms part of the FCA's assessment of the impact of the pension freedoms on the pension market and consumer behaviour. Although the focus of the report is non-advised sales it provides a useful insight for all those involved in the pensions market in relation to (1) customer behaviour post the introduction of the pension freedoms and (2) how the pension market is responding to those reforms. The report also puts forward some proposed "remedies" in relation to areas where the FCA considers behaviour may be detrimentally impacting customers. The remedies include permitting customers to access part of their pension at an earlier date in what appears to be an attempt by the FCA to steer customers away from drawdown products.

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Blog

Complaints against insolvency practitioners hold steady

Published on 11 April 2017. By Rachael Healey, Legal Director

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The insolvency service has published the latest figures for complaints against insolvency practitioners made to the Complaints Gateway during 2016. The statistics indicate that the Gateway has received a reasonably steady level of complaints since it was established in 2013 but promisingly for practitioners the Gateway does appear to be weeding out more complaints with the Gateway having rejected 29% of complaints in 2016, compared to 18% in the Gateway's first year.

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Blog

In-specie pension contributions - what's the fuss all about?

Published on 08 March 2017. By Rachael Healey, Legal Director

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SIPP and SSAS providers and members continue to be left in limbo over potential tax charges arising from in-specie contributions. HMRC has suspended tax relief on contributions whilst it investigates the position, leaving providers and members without tax relief and the risk of tax assessments back to 2009.

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Blog

The importance of retainer letters

Published on 15 February 2017. By Rachael Healey, Legal Director

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Court strikes out claim that an adviser owed a duty to point out a claim against a former adviser

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Blog

Enhanced annuity non-advised sales – not as bad as first feared?

Published on 31 October 2016. By Rachael Healey, Legal Director

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The FCA's thematic review into non-advised enhanced annuity sales found no evidence of an industry wide or systemic failure to provide customers with information about enhanced annuities or the open market option. There will not be a general industry wide remedial action.

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